The virus has hollowed out spending in many
places and the accelerated the shift to online
shopping, mostly to the benefit of big retailers
like Walmart, Target and Amazon.com. Stores
have begun to open in some parts of the
country, but millions of people are still hunkered
down at home. There are regions in the U.S. that
are now getting hit with a wave of infections
and some companies like Apple are shutting
down stores again in those areas.
Brooks Brothers said Wednesday that it will
continue operations as it restructures and is
looking to reopen shops that are not being
closed permanently. The company employed
4,000 people in March, before it furloughed
about a third of its workers.
Jonathan Pasternak, a bankruptcy lawyer at
Davidoff Hutcher & Citron, said that even before
the pandemic, Brooks Brothers’ store expansion
and the cost of making clothes in the U.S. had
created a financial burden, but he does not
believe the company will disappear.
“The good thing about Brooks Brothers: It’s a
very strong brand,” he said.
The company has a storied history, dressing
at least 40 American presidents, including
Abraham Lincoln, who was wearing a Brooks
Brothers coat when he was assassinated in 1865.
Brooks Brothers’ two-button suits were a favorite
of President John F. Kennedy.
But its cultural influence has been broad.
Clark Gable wore Brooks Brothers and Jennifer
Aniston appeared on the cover of GQ magazine
wearing nothing but a red, white and blue
Brooks Brothers tie.